Mogo (TSX:MOGO)(NASDAQ:MOGO) is a Vancouver-based financial technology company that enjoyed a
record performance in 2021. However, that momentum has turned in the opposite direction as the
stock has suffered a brutal 2022 in the year-to-date period. Today, I want to discuss whether Mogo has a
shot to bounce back in the second half of the year.
This fintech company rose to new heights in 2021 on the back of its big bet on the cryptocurrency space.
Indeed, it started to offer it customers the option to purchase Bitcoin with the launch of MogoCrypto in
2018. The bet took awhile to pay off, but when it did it pushed Mogo’s stock to all-time highs.
Unfortunately, the stock has been throttled in the face of a sharp crypto correction in 2022. Its
investment in Coinsquare has also taken a bad turn as the trading platform’s reputation has taken a big
hit.
Investors can expect to see Mogo’s next batch of results in the first half of August. In Q1 2022, the
company delivered record revenues of $17.3 million – up 51% from the prior year. Meanwhile, gross
profit shot up 30% to a record $12.3 million. Better yet, its member base jumped 62% to 1.94 million.
Mogo is still on track for solid revenue growth going forward. Moreover, it boasts a fantastic balance
sheet. Its shares have avoided falling into technically oversold territory. Mogo is still worth taking a shot
on in the middle of the summer.
